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Finders Keepers Market Research training

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Information about Finders Keepers Market Research training
Business & Mgmt

Published on November 20, 2008

Author: robg

Source: slideshare.net

Description

A workshop outlining one way for entrepreneurs to do market research
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Finders Keepers Market research for small businesses 22 November 2007 Alison Hornsby & Adrian Carridice-Davids Photo from Andy Hay via flickr.com

Market research for small businesses

22 November 2007

What we’ll do today Understand what market you’re in Work out how to research your market Do a practical market research exercise Look at how to analyse your research Explore how you might find your niche

Understand what market you’re in

Work out how to research your market

Do a practical market research exercise

Look at how to analyse your research

Explore how you might find your niche

Before we begin… What’s your favourite brand? Talk to eachother: Who you are What you do Your favourite brand - and why it’s your favourite

What’s your favourite brand?

Talk to eachother:

Who you are

What you do

Your favourite brand - and why it’s your favourite

Who am I and what have I done? Spanish and French Senda Juvenil Trade for Change Social Enterprise Leeds WYSE School SBC since 2005

Spanish and French

Senda Juvenil

Trade for Change

Social Enterprise Leeds

WYSE School

SBC since 2005

What do I do? Training - market research, marketing, social business planning Consultancy - social enterprise Mentoring Photo from Ant Smallwood via flickr.com

Training - market research, marketing, social business planning

Consultancy - social enterprise

Mentoring

Why bother with market research? Starting up can be a risky business If you find out about your market, you give yourself a better chance of keeping going You need to get a feel of whether there is sufficient need - and demand - for your product or service.

Starting up can be a risky business

If you find out about your market, you give yourself a better chance of keeping going

You need to get a feel of whether there is sufficient need - and demand - for your product or service.

What is a market? A set of all existing and potential buyers of a product or service or The total value of products or services which satisfy the same customer need

A set of all existing and potential buyers of a product or service

or

The total value of products or services which satisfy the same customer need

How do I decide what market I’m in? Ask what the customer needs With the person next to you - discuss what needs you plan to meet. Photo from flydime via flickr.com

Ask what the customer needs

With the person next to you - discuss what needs you plan to meet.

What’s the aim of your research? To become a Zulu in your chosen market To find out about The market Customers Competitors and partners Ultimately, to make decisions Photo from shtt! via flickr.com

To become a Zulu in your chosen market

To find out about

The market

Customers

Competitors and partners

Ultimately, to make decisions

What do you need to find out? You are planning to open “some kind of café or take-away” Decide what market you are in What do you need to find out about: The market you will be part of Customers Competitors Don’t worry about how you’ll find it out yet

You are planning to open “some kind of café or take-away”

Decide what market you are in

What do you need to find out about:

The market you will be part of

Customers

Competitors

Don’t worry about how you’ll find it out yet

How will you find things out? The market - think big and then home in For the product/service you’re selling, do some secondary (desk) research: Market research reports - from your local business library - Mintel , Keynote etc Trade magazines, books by successful entrepreneurs in that sector, “how-to” books Internet research - including other countries - can you learn from other markets? Other ideas?

The market - think big and then home in

For the product/service you’re selling, do some secondary (desk) research:

Market research reports - from your local business library - Mintel , Keynote etc

Trade magazines, books by successful entrepreneurs in that sector, “how-to” books

Internet research - including other countries - can you learn from other markets?

Other ideas?

How will you find things out? The market - think big and then home in For the area you’ll be selling in: Information from the Local Authority - regeneration initiatives, business support agencies, local media Talk to people who work and live in the area Walk around - what kind of businesses are setting up? Can you learn from elsewhere - has a similar area changed recently, or are things happening in a neighbouring area? Any other ideas?

The market - think big and then home in

For the area you’ll be selling in:

Information from the Local Authority - regeneration initiatives, business support agencies, local media

Talk to people who work and live in the area

Walk around - what kind of businesses are setting up?

Can you learn from elsewhere - has a similar area changed recently, or are things happening in a neighbouring area?

Any other ideas?

How will you find things out? Your competitors Can you: Mystery-shop them? Talk to their customers Work out what they’re doing well/not doing well Find out any public information about them? Talk with them? Photo from malias via flickr.com

Your competitors

Can you:

Mystery-shop them?

Talk to their customers

Work out what they’re doing well/not doing well

Find out any public information about them?

Talk with them?

Competition - good or bad or both? Is it a good thing that you have lots of competitors? Could it be a bad sign if you have no competitors? Is there any scope for co-operation with you competitors?

Is it a good thing that you have lots of competitors?

Could it be a bad sign if you have no competitors?

Is there any scope for co-operation with you competitors?

How will you find things out? Customers: Demographic data, from www. neighbourhood .statistics. gov . uk Your local authority, eg: http://www. oldham . gov .uk/ward-profile-st-marys-2006. pdf Neighbourhood profile from http://www. upmystreet .com

Customers:

Demographic data, from

www. neighbourhood .statistics. gov . uk

Your local authority, eg:

http://www. oldham . gov .uk/ward-profile-st-marys-2006. pdf

Neighbourhood profile from

http://www. upmystreet .com

 

How will you find things out? Customers: you could do some primary research: Talk to people! Run a focus group Do one-to-one interviews Telephone/postal surveys Email/internet survey Today we’ll look at developing a survey

Customers: you could do some primary research:

Talk to people!

Run a focus group

Do one-to-one interviews

Telephone/postal surveys

Email/internet survey

Today we’ll look at developing a survey

Café customer questionnaire First of all, decide what you want to find out Then, design your questions: Start with a couple of easy questions Ask one thing at a time - and keep it simple Ask yourself - how will we analyse the response to this question? Vary the style of questions Trial the questionnaire - then review it

First of all, decide what you want to find out

Then, design your questions:

Start with a couple of easy questions

Ask one thing at a time - and keep it simple

Ask yourself - how will we analyse the response to this question?

Vary the style of questions

Trial the questionnaire - then review it

A real café questionnaire Designed with free software: www. surveymonkey .com People can complete surveys online You can also manually input written questionnaires, for analysis

Designed with free software:

www. surveymonkey .com

People can complete surveys online

You can also manually input written questionnaires, for analysis

Real café questionnaire - analysis What should we note from the responses? Can you see any opportunities for the café? Can you identify any issues which need addressing/risks that need managing? Any other issues?

What should we note from the responses?

Can you see any opportunities for the café?

Can you identify any issues which need addressing/risks that need managing?

Any other issues?

What will you do with what you’ve found out? Turn your research into intelligence Think about: Opportunities and threats Risks, and how to manage them Is there a particular niche/market segment you can serve? Can you estimate the size of the opportunity?

Turn your research into intelligence

Think about:

Opportunities and threats

Risks, and how to manage them

Is there a particular niche/market segment you can serve?

Can you estimate the size of the opportunity?

Market segmentation Division of a market into different groups of customers who have things in common (particularly similar needs). Why is it important to do this?

Division of a market into different groups of customers who have things in common (particularly similar needs).

Why is it important to do this?

Because customers are not all the same! Different customers have different needs If you understand that, you can tailor your services to meet their needs You might also find a niche where you can be the market leader

Different customers have different needs

If you understand that, you can tailor your services to meet their needs

You might also find a niche where you can be the market leader

Who are their customers?

Who are your customers? Some ways you may group customers together include: Age, gender, employment status, family status, ethnic origin, income level etc How they may buy your product/service - eg Saturday shoppers, local office workers, breakfast buyers, etc Can you identify which segments to focus on?

Some ways you may group customers together include:

Age, gender, employment status, family status, ethnic origin, income level etc

How they may buy your product/service - eg Saturday shoppers, local office workers, breakfast buyers, etc

Can you identify which segments to focus on?

Estimating the size of your market A fictitious example: an organic veg box scheme : Our research suggests 5000 people in Leeds are in the market for organic veg boxes If each of these people were to buy a £10 monthly box, the market is worth £600,000 (10 x 12months x 5000 people) Given the amount of competition, we think we could aim eventually for 20% of the market - approximately £120,000 Research suggests the market for organic veg is growing by 30% a year - so we are confident that we can get a share of an expanding market. But will more competitors enter the market and reduce our share?

A fictitious example: an organic veg box scheme :

Our research suggests 5000 people in Leeds are in the market for organic veg boxes

If each of these people were to buy a £10 monthly box, the market is worth £600,000 (10 x 12months x 5000 people)

Given the amount of competition, we think we could aim eventually for 20% of the market - approximately £120,000

Research suggests the market for organic veg is growing by 30% a year - so we are confident that we can get a share of an expanding market.

But will more competitors enter the market and reduce our share?

Over to you… Questions… comments? Photo from aymlis via flickr.com

Questions… comments?

To recap Decide what market you’re in Research the market, competitors and customers Do some primary research if you can Sit down and analyse what you’ve found out - then act upon it Try to identify your niche

Decide what market you’re in

Research the market, competitors and customers

Do some primary research if you can

Sit down and analyse what you’ve found out - then act upon it

Try to identify your niche

For lots more information… www.socialbusinessconsulting.co.uk

www.socialbusinessconsulting.co.uk

And finally… Cultivate your instincts

Cultivate your instincts

Before we begin… Talk to other people in the room Find out the person’s name - and see if you can put their name in one of the boxes First to a full house wins a prize! Photo from Tub Gurnard via Flickr.com

Talk to other people in the room

Find out the person’s name - and see if you can put their name in one of the boxes

First to a full house wins a prize!

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